1. **State the problem:** We need to find the present value (PV) that will grow to a future value (FV) of 24000 with an interest rate of 9% compounded quarterly over 14 quarters. 2. **Formula used:** The formula for compound interest is $$FV = PV \left(1 + \frac{r}{n}\right)^{nt}$$ where: - $r$ is the annual interest rate (decimal), - $n$ is the number of compounding periods per year, - $t$ is the time in years. Since we have quarters, $n=4$ and $t$ in years is $\frac{14}{4} = 3.5$ years. 3. **Rearrange to find PV:** $$PV = \frac{FV}{\left(1 + \frac{r}{n}\right)^{nt}}$$ 4. **Substitute values:** $$PV = \frac{24000}{\left(1 + \frac{0.09}{4}\right)^{4 \times 3.5}} = \frac{24000}{\left(1 + 0.0225\right)^{14}} = \frac{24000}{1.0225^{14}}$$ 5. **Calculate the denominator:** $$1.0225^{14} = 1.349353$$ (rounded to 6 decimal places) 6. **Calculate PV:** $$PV = \frac{24000}{1.349353} = 17784.68$$ (rounded to nearest cent) **Final answer:** The present value is **17784.68**.